https://www.taxtmi.com/caselaws?id=273706 The Rajasthan HC, in a case involving the interpretation of interest receipts for exemption under section 10B of the Act, ruled in favor of the assessee. The Court held that interest receipts should be considered as "business income," aligning with the computation of business profits. The decision emphasized adherence to statutory deductions and favored the assessee against the department, allowing the appeals. Though the judgment did not extensively address the disallowance of interest expenditure under section 57(iii) of the Act, the overall ruling indirectly implied a holistic approach to resolving tax disputes related to business income and exemptions. en-us Fri, 26 May 2017 00:00:00 +0530 Wed, 11 Jul 2018 06:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273706 The Rajasthan HC, in a case involving the interpretation of interest receipts for exemption under section 10B of the Act, ruled in favor of the assessee. The Court held that interest receipts should be considered as "business income," aligning with the computation of business profits. The decision emphasized adherence to statutory deductions and favored the assessee against the department, allowing the appeals. Though the judgment did not extensively address the disallowance of interest expenditure under section 57(iii) of the Act, the overall ruling indirectly implied a holistic approach to resolving tax disputes related to business income and exemptions. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273706